topic Re: unique situation with an autoloan in Rebuilding Your Credit

unique situation with an autoloan

Anonymous — Sat, 06 Jun 2009 20:34:48 GMT

Hello, I got a letter in the mail in 3/04 and it was for me to take the check and buy a new car in which I did. After 2 years I had lost my job and couldn't keep up with the payments. They came to repo it one time and that was it.(I wasn't home though) so I still have it and would like to pay it off or whatever i can do to get it off my credit report. I haven't heard of many people getting it as a charge off on there credit report but that's what has happened in my case and would like to know what I should do. The balance is like $14,500. Please give meany advisethat youhave. This is the first dept that I am working on and would love to fix it asap.

Thank you all

Re: unique situation with an autoloan

moondog7324 — Sat, 06 Jun 2009 21:14:48 GMT

Let me get this straight- you owe 14,500 on a car you haven't paid in since 2006, and you still have the car?

Re: unique situation with an autoloan

RobertEG — Sat, 06 Jun 2009 21:31:49 GMT

I hate to seem discouraging, but how can you hope to quickly get an unpaid and legitimate delinquency off of your CR?

If you pay it, it wont take it off of your CR. And being years in arrears probably wont make them too amenable to a GW deletion.

Each delinquency on the OC account will remain for 7 years from its date.

If it went into collection, the CA account will remain for 7 1/2 years from the date of your first delinquency on the OC account.

IMHO, your major concern is not your credit score. It is satisfaction of the debt. If you contact them without offering PIF, eitther the repo man will soon be on your doorstep, or they might take legal collection activity.

Re: unique situation with an autoloan

Anonymous — Sat, 06 Jun 2009 23:03:23 GMT

Yes I owe $14,500 on the car that is still in my possession and it is a charge off on my credit report. I'm just looking for the solution since it's a charge off. I can pay the full amount off if that's what has to happen. I just didn't know how to approach it. Since it was a charge off I didn't know if full amount was needed as I've read they may settle with me but I also may receive a 1099 for the remaining balance since it's considered income. And they have not yet turned it over to collections. Just a charge off from the OC is on my CR.

Re: unique situation with an autoloan

JoeBJay20 — Sat, 06 Jun 2009 23:10:23 GMT

The fact that apparently haven't paid on this car in 3 years and still have possession of it is mindboggling. That being said, you aren't really in a position to negotiate here, you should be trying to pay, and pay fast. At any moment, they could still repossess the car and/or take other collection activity.

Re: unique situation with an autoloan

moondog7324 — Sun, 07 Jun 2009 00:02:37 GMT

Do you have 14,500 cash to pay this off? I think as soon as you contact them- they will repossess the car- sell it for below book- 4000 and sue you for the remaining 10,000. Then what you have is no car and a 10,000 judgement.

Re: unique situation with an autoloan

moondog7324 — Sun, 07 Jun 2009 00:03:45 GMT

What year, make, model and miles?

Re: unique situation with an autoloan

Anonymous — Sun, 07 Jun 2009 14:41:17 GMT

Yes it is mindboggling that they have never come to get it but once and then they charged it off. I do have the 14,500 to pay the full amount and didn't want to contact them till I knew what to do. So what I'm getting out of this is that I have to hope that I get someone that will allow me to pay it in full and be done with it. I will just have to live with it on my credit report for the 7 years. Thank you for your help and suggestions looks like it's time to pay the piper.

The Blue book on it is $9,875 so yeah they'd sell it for about 4,000.

Re: unique situation with an autoloan

Anonymous — Sun, 07 Jun 2009 14:52:33 GMT

wow. that was one thin that i NEVER let get beyond 60 days. interesting. i wish i knew what to tell you.

Re: unique situation with an autoloan

medicgrrl — Sun, 07 Jun 2009 15:28:13 GMT

Are you past the SOL yet? Since you have the money to pay in full then I would go ahead and contact them about a settlement. They may very well take it and be done. I settled on a car that I was trying to sell because of a job loss. They weren't attempting repossesion at the time but they still accepted a settlement. If they don't agree then worst case scenario is that you PIF. At this point though, it won't be on your report another 7 years. It will be 7 years from the DOFD.

Be prepared to Western Union the money that day and call them back with the confirmation number!

Re: unique situation with an autoloan

moondog7324 — Sun, 07 Jun 2009 15:43:06 GMT

If you decide to contact them, I would ask for a PFD on the charge-off. I'm totally at loss for any real suggestions- Are they listed as a lein holder on the car- you will never be able to sell it without paying it of. Truly a 'unique' situation- good luck. You may want to ask in the Auto Loan section of this website about how to handle this.

Re: unique situation with an autoloan

Anonymous — Sun, 07 Jun 2009 15:56:29 GMT

Yes I will try for a PFD. the other thought was to try for them to either list it as paid or paid as agreed. crossing my fingers here.Thank you everyone. I know this isn't your everyday situation.